Jim Cramer on DraftKings: "I Like It Very Much"

DraftKings Inc. (NASDAQ:DKNG) is one of the stocks Jim Cramer was asked about. Answering a caller’s query about the stock during the episode, Cramer said:

“Okay, DraftKings is down… right now just because it’s had some highly unusual losses, but those are going to end. The statistics favor them coming back to, even when it comes to those losses. And I think DraftKings is a very well-run company, and I think the industry’s in consolidation. And I like it very much.”

DraftKings Inc. (NASDAQ:DKNG) is a digital sports entertainment and gaming company that provides online sports betting, daily fantasy sports, and iGaming products such as blackjack, roulette, and slots. During the November 6 episode, Cramer said that the company has been “having a tough year,” as he commented:

“What’s happening after the close with the stock of DraftKings? The company’s been having a tough year thanks to a series of adverse NFL outcomes, some rising competition from the predictions market. They get a little muddier when they reported tonight. Now, DraftKings delivered a pretty sizable revenue miss, a larger-than-expected loss for the third quarter… At the same time, management also slashed full-year forecast for both revenue and earnings before interest, taxes, depreciation, and amortization. It looks rough, but I gotta get to the bottom of this because I’ve been recommending this stock because I think that this is the best company in gambling… I believe that this… [is] the only company I want to bet in the industry.”

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Disclosure: None. This article is originally published at Insider Monkey.